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Why Guidewire Software Stock Jumped Friday

TheMotleyFool

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Why Guidewire Software Stock Jumped Friday

Shares of Guidewire Software (NYSE: GWRE) were up 7.1% at 11:13 a.m. EDT on Friday. Revenue for the fiscal fourth quarter declined 6% year over year, and adjusted net income came to $31 million, down from $69.5 million in the year-ago quarter. But the results were better than management's previous guidance, given strong momentum in the company's cloud software offering.

For fiscal 2021, revenue increased less than 1% year over year to $743 million, with adjusted net income landing at $41.3 million, down from $105.8 million in fiscal 2020.